7/21/09

Let’s talk about the economy. (There doesn't seem to be much in the way of investor news anyway.) Yesterday we had more mixed news, with Leading Economic Indicators for June shooting up .7%, which is the third month in a row that they’ve been positive. This was stronger than expected. Seven of the 10 indicators were positive while three indicators were negative. As for today, there is no news, aside from Bernanke’s semi-annual Monetary Policy Report to Congress (and wraps up tomorrow). This could provide some movement to the market – we’ll see. And to help matters, we had a nice improvement Monday afternoon ahead of today’s testimony and with lower locks and originations mortgage prices rallied. This morning we find the mortgage prices slightly better. Let me know if you have any questions.